LOS ANGELES – (INT) – The financial and economic impact of the Los Angeles fires has exacerbated the emotional pain it’s taking.

J.P. Morgan on Thursday doubled its expectations of economic losses from a day earlier, saying they could be $50 billion and could go higher as reality sets in. More experts are saying the destruction is almost certain to rank as one of the most costly natural disasters in U.S. history.

By comparison, the Maui wildfires in 2023 caused $5.6 billion in damages, according to the National Oceanic and Atmospheric Administration.

Hurricane Katrina in 2005 was the most expensive U.S. natural disaster, costing an estimated $200 billion.

Early estimates are that 2-thousand buildings have been damaged or destroyed. A more accurate tally is not expected for days until after the flames are out. Five people have died.

The sobering numbers come with the relaxation and then an uptick in the Santa Ana ‘devil’ winds Thursday.

At least five fires are active in Los Angeles County, scorching more than 40 square miles across the region, according to Cal Fire. The Palisades Fire and the Eaton Fire, located east in the foothills of the San Gabriel Mountains, remain the largest blazes with 0% containment.

Mayor Karen Bass, speaking at a press briefing Thursday, said "heroic" firefighters aided by air operations are making progress against the flames.

Story Date: January 10, 2025